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Health Catalyst Inc (HCAT) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Health Catalyst Inc stock $1.07, price $1.46, that is 26.7% below the price, quality 30 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare US

HC Health Catalyst Inc logo Thin data Nov 8, 2026

Health Catalyst Inc

HCAT · US
Expensive, weak quality

Our calculation puts a fair price 27% below what the stock costs today.

Expensive Growth (revenue 5y +10.5 %/yr in USD)
Moderate debt
Insiders bought $105,610 (6M)
Revenue last quarter 26% below a year ago.
Fair value $1.07 · Overvalued
Quality 30/100
Loss-making · -74.2% net margin (TTM)
Negative free cash flow
Trails peers (1/9)
Narrow moat 6/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$57.66 $0.9963 Fair Value $1.07 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $0.9963 – $57.66 · fair‑value band $0.4000 – $1.73 · the $1.46 price screens above the $1.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services.

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It offers ignite data and analytics platform that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems; and applications, a software analytics applications build for ignite platform to analyze clients face across clinical improvement, revenue and cost improvement, ambulatory operations, measures and registries, and data and analytics.

The company also provides expertise solutions comprising data and analytics, domain expertise and education, tech-enabled managed, and implementation services; and opportunity analysis and prioritization, data governance, data modeling and analysis, quality and process improvement strategy, cost accounting, data abstraction, and population health strategies.

It serves academic medical centers, integrated delivery networks, community hospitals, large physician practices, accountable care organizations, health information exchanges, health insurers, life science organizations, healthcare technology vendors, and other risk-bearing entities.

The company was formerly known as HQC Holdings, Inc. and changed its name to Health Catalyst, Inc. in March 2017. Health Catalyst, Inc. was founded in 2008 and is headquartered in South Jordan, Utah.

Stock analysis

Health Catalyst Inc (HCAT) currently trades at $1.46, while our model-based Fair Value estimate is $1.07, 27% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $0.4000 (bear) to $1.73 (bull), the price of $1.46 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 30/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Health Catalyst Inc reported revenue of $311M in FY2025 versus $242M in FY2021, a compound +6.5%/yr. Reported net income was −$178M in FY2025.

Key figures

Market cap $108M Micro · P/S ratio 0.41 · EPS (TTM) $−2.80 · Net margin −74.2% · Return on equity −84.6% · Return on assets (EBIT) −13.9% (5-year average) · Operating margin −23.1% · Revenue (TTM) $272M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 51% below its 52-week high and 47% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 3% fair-value upside, at −27%, HCAT screens richer than that median.

Fair Value models

Bear $0.4000 Fair Value $1.07 Bull $1.73
Price $1.46 · Downside -26.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA $0.4000 $1.07 $1.73 62
All 1 models by family
Multiples
EV/EBITDA $0.4000 $1.07 $1.73 62

Open the full fair value analysis →

Quality Score breakdown

Overall quality 30/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 16
How much profit the company makes from its sales and capital
Quality Growth 24
Are margins and returns getting better?
Cashflow 11
Do the profits arrive as real cash?
Financial strength 43
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 11
How calm the share price moves, does not count
Price momentum 21
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 12
Distance to the 52-week high, does not count
New shares 11
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director bought shares worth $105,610, on Sep 14, 2026.

  • BuySimeon KohlChief Executive Officer, Director59,000 shares at $1.79$105,610Sep 14, 2026
  • SaleBenjamin LandryGeneral Counsel27,425 shares at $2.64$72,402Dec 5, 202510b5-1 plan
  • SaleJulie Larson-GreenDirector47,997 shares at $2.67$128,152Dec 4, 2025

Plus 17 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 36/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+1.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−50.9% (2020) → −11.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

HCAT screens overvalued: fair value 27% below the price. Compare with Veeva Systems Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Health Information Services · 117 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 30 · Bottom 25%
Fair Value upside −26.7% · Below median
Profitability
Return on assets −35.4% · Bottom 25%
Net margin (12 months) −74.2% · Bottom 25%
Operating margin (12 months) −23.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −26.3% · Bottom 25%
Balance sheet
Debt / equity 0.62× · Highest 25%

Valuation Multiplesvs Health Information Services median · lower = cheaper

P/B 0.44× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 0.40× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 5
FUTURE (revenue growth)0 · sector 46
PAST (return on equity)0 · sector 10
HEALTH (low debt)69 · sector 98
DIVIDEND (yield)0 · sector 41

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Health Information Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Veeva Systems Inc VEEV $303.73 $334.10 +10% vs HCAT
HealthEquity, Inc HQY $103.63 $113.99 +10% vs HCAT
Doximity, Inc DOCS $32.51 $35.76 +10% vs HCAT
Inventurus Knowledge Solutions Limited IKS ₹1,657 ₹1,823 +10% vs HCAT
Waystar Holding WAY $28.35 $29.10 +3% vs HCAT
Hinge Health, Inc HNGE $115.76 $51.25 −56% vs HCAT
Pro Medicus Limited PME A$205.49 A$85.12 −59% vs HCAT
BrightSpring Health Services, Inc BTSG $67.15 $25.72 −62% vs HCAT
XtalPi Holdings 2228 HK$6.13 HK$1.53 −75% vs HCAT
Privia Health Group PRVA $24.42 $5.52 −77% vs HCAT

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Health Catalyst Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Health Catalyst Inc Fair Value". https://www.fairvalue-calculator.com/stock/HCAT

Frequently asked questions

Is Health Catalyst Inc (HCAT) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $1.07 versus a price of $1.46, about 27% lower (overvalued).
What is the fair value of HCAT?
Our model-based fair value for Health Catalyst Inc is $1.07 (as of Nov 8, 2026), built from audited fundamentals. The current price: $1.46.
What is the quality score of HCAT?
Health Catalyst Inc has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Health Catalyst Inc (HCAT)?
Our model-based price target is the fair value of $1.07 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario $0.4000, optimistic scenario $1.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Health Catalyst Inc stock forecast for 2026?
Our models put fair value at $1.07, about 27% lower versus a price of $1.46 (overvalued). Cautious scenario $0.4000, optimistic scenario $1.73. The calculation is refreshed regularly with new filings.
What is the revenue of Health Catalyst Inc (HCAT)?
Health Catalyst Inc reported trailing-twelve-month revenue of about $272M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Health Catalyst Inc (HCAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Health Catalyst Inc it is $1.07 per share (as of Nov 8, 2026), against a price of $1.46. It is the blended result of 1 valuation models in 1 family (Multiples).
Is Health Catalyst Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HCAT trades above its calculated fair value: price $1.46, fair value $1.07, a gap of about −27% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HCAT?
No. The price is what the market pays today ($1.46); the fair value is what the company's own numbers justify ($1.07). For Health Catalyst Inc the two are $0.3900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Health Catalyst Inc worth?
The market values Health Catalyst Inc at about $108M (market capitalisation, as of Nov 8, 2026). Per share that is $1.46; our models calculate a fair value of $1.07 per share.
What do the bullish and bearish scenarios say about HCAT?
Our models span a range for Health Catalyst Inc: cautious scenario $0.4000, base $1.07, optimistic $1.73 per share (as of Nov 8, 2026, price $1.46). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Health Catalyst Inc (HCAT)?
Balance-sheet figures for Health Catalyst Inc (as of Nov 8, 2026): return on equity −84.6%, debt of 0.62 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is HCAT from its 52-week high?
Health Catalyst Inc trades at $1.46, about 51% below its 52-week high of $2.99 and 47% above the low of $0.9963 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $1.07 is for.
Which stocks are comparable to Health Catalyst Inc?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Health Catalyst Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $1.46, calculated fair value $1.07 (−27%), Quality Score 30/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HCAT calculated?
We run Health Catalyst Inc through 1 models from 1 family: Multiples. Every model gets the same audited fundamentals; the fair value of $1.07 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Health Catalyst Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Health Catalyst Inc (HCAT)?
The closing price on Nov 6, 2026 was $1.46. Our model-based fair value is $1.07, about 27% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Health Catalyst Inc right now?
Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($0.4000 to $1.73). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Health Catalyst Inc

How large is the market capitalisation of Health Catalyst Inc (HCAT)?
The market capitalisation of Health Catalyst Inc is $108M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Health Catalyst Inc (HCAT)?
The price-to-sales ratio of Health Catalyst Inc is 0.41 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Health Catalyst Inc (HCAT)?
Earnings per share at Health Catalyst Inc are $−2.80. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Health Catalyst Inc (HCAT)?
The net margin of Health Catalyst Inc is −74.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Health Catalyst Inc (HCAT)?
The return on equity (ROE) of Health Catalyst Inc is −84.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Health Catalyst Inc (HCAT)?
On an EBIT basis the return on assets of Health Catalyst Inc is −13.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Health Catalyst Inc (HCAT)?
The operating margin of Health Catalyst Inc is −23.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Health Catalyst Inc (HCAT)?
Revenue at Health Catalyst Inc is growing −26.3% versus a year earlier (3y avg +4.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Health Catalyst Inc (HCAT) generate?
The free cash flow of Health Catalyst Inc is −$237K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Health Catalyst Inc (HCAT) carry?
The net debt of Health Catalyst Inc is $120M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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